Mortgage lender HDFC has introduced ‘Diamond deposits’ for senior citizens with interest rate of 8% p.a. for a tenure of 75 months with effect from 1 March 2023.
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Income Plan- Monthly, Quarterly, Half-yearly, Yearly, Cumulative
Additional Incentive- .05% in case of deposit placed/renewed through online.
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Several banks have hiked their fixed deposit (FD) interest rates in the last few banks. Most of the popular banks including the State Bank of India (SBI), ICICI Bank and HDFC Bank offer special fixed deposit schemes, especially for senior citizen depositors.
Senior citizens generally invest a part of their savings in FDs, which offer liquidity and ensure interest income periodically. Besides, the savings are also useful to build an emergency corpus.
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HDFC has also increased its retail prime lending rate by 25 basis points to a minimum of 9.20 per cent. HDFC has increased its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from March 1, according to a statement.
Earlier this month, the Reserve Bank of India (RBI) hiked the benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.
This was the sixth hike in interest rates since May last year, taking the total quantum of increase to 250 basis points.
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Following the rate hike by the central bank, State Bank of India (SBI), the country’s biggest bank hiked the MCLR by 10 basis points across tenures. The new rates came into effect from February 15.
Private sector Kotak Mahindra Bank too increased its lending rates by 5 basis points across tenures.
